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Iron ore and Ivanhoe gain

Markets seem a little directionless as Chinese New Year celebrations continue.
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Ivanhoe has big plans for the Kamoa-Kakula copper project

Staff reporter

A stronger US dollar saw the gold price ease and took the shine off gold equities.

The gold price has lost US$10 an ounce on the spot market since this point yesterday, trading just over $1,303/oz earlier.

Base metal futures were mixed in Asian trade this afternoon, while iron ore is around a two-year high - above US$86 per tonne as Vale's production was further curtailed with a key operating licence revoked in the wake of the fatal Feijão dam failure last month.

London and US market indices closed lower yesterday but Toronto gained.

The S&P/TSX Composite Index metals and mining sector closed down 0.21%, weighed down by the gold equities' drop of 0.54%.

However the diversified sector was up 0.73%, thanks mainly to Ivanhoe Mines' (TSX: IVN) gain of 13.1% as Robert Friedland unveiled plans at Indaba to build the world's second-largest copper mine.

Among the junior set, Adventus Zinc (TSXV: ADZN) jumped almost 12% or C10c yesterday, having last month made key appointments and announced a planned name change to reflect its focus now on copper.

In Australian trade, diversified miners on the S&P/ASX 200 were up around 0.8% while the gold set was down a similar amount at the time of writing.

South32 (ASX: S32) was one of the bigger movers, up more than 4.5% in afternoon trade.